Business License

What is the full form of ISBN?

• International Standard Bibliographic Number
• International Standard Book Number
• International Standard Book Numbering
• International Standard Bibliographic Name

Which type of business registration is suitable for a single individual who wants to own and operate a business?

• Limited Liability Company (LLC)
• Partnership
• Private Limited Company

• Proprietorship

To register a business specifically in Maharashtra, what business license is required?

• Gumastha Registration

• Import-Export License

• Proprietorship

• Trade License

Answer explanation

Gumastha registration, also known as a Shop and Establishment Act license, is mandatory for conducting any business in the state of Maharashtra. This requirement is governed by the Maharashtra Shops and Establishment Act and ensures that businesses operate within the legal framework.

Which license is required for businesses involved in international trade?

• Business License
• Import/Export License
• Sales Tax Permit
• Local Operating License

What does the acronym LLC stand for in business registration?

• Limited Liability Corporation

• Limited Liability Company

• Local Liability Company

• Limited Liability Certification

What does the acronym GST stand for in the context of business?

• General Sales Tax

• Goods and Services Tax

• Global Sales Tax

• Government Service Tax

What does the acronym TIN stand for in taxation?

• Tax Identification Number

• Tax Information Number

• Transaction Identification Number

• Taxpayer Identification Number

What is the full form of an LLP license in the context of business?

• Limited Liability Provision
• Limited Liability Partnership
• Legal Liability Partnership

• Limited Liability Private

Can an LLP license be registered by a single person?

• Yes

• No

• Only under certain circumstances

• Depends on the jurisdiction

Answer explanation

An LLP cannot be registered by a single person. In India, a Limited Liability Partnership (LLP) requires at least two partners to be formed. This is a fundamental requirement of the LLP Act, 2008.